Yesterday the Pangda Chairman said the Saab deal was no longer viable. Today, Saab confirms it has received the first payment from China’s Youngman What on earth are we going to do once the Saab Saga is resolved? The machinations and misunderstandings surrounding Victor Muller’s increasingly desperate quest to keep Saab alive has probably provided more stories […]
Saab deal no longer valid says Pangda Chairman. The end of Saab?
Saab is waiting for a deal with Chinese companies Pangda and Youngman to save them. But Panda’s chairman says the deal is no longer valid. Update 10 am 12/10/11: Saab & Pangda have issued a statement about this story and say that the reports of the Saab deal with Pangda and Youngman as being no […]
Saab’s Heritage Cars snaffled by the Bailiffs
The day before Saab managed to get court protection from its creditors this week, Swedish bailiffs visited the Saab Museum and sequestered the historic cars to pay Saab’s debts. Just like every other car maker with a lineage, Saab likes to make the most of its car-making history. So it has a museum with everything from […]
Saab gets approval for voluntary reorganization on appeal
Saab has been granted the right to court protection whilst it restructures, overturning an earlier judgement by a District Court. Victor Muller never says die, and the news that Saab has, after all, been granted the right to court protection from its creditors for a period of reorganisation has vindicated his stubborn refusal to give up on Saab. The Court of Appeal […]
Saab gets a ray of hope from China
Saab lost its bid for court protection from creditors last week, but there’s a ray of hope as its putative Chinese investors proclaim approval for their deal likely. The saga that is the long and painful demise of Saab seemed to reach its nadir last week when courts in Sweden refused to offer the beleaguered car maker sanctuary in […]
Saab plea for Court Protection dismissed – owes €150 million to creditors
Saab’s application for court protection in Sweden to protect it from creditors has been dismissed. It’s revealed Saab owes €150 million to creditors. We hoped Victor Muller had found a way out of Saab’s financial woes by applying to the Swedish Courts for protection from its creditors while it waited for funds from China to […]
Saab enters Court Protection – just as we predicted
Saab has applied for Court Protection from its creditors whilst it seeks to re-organise and buys time for investment from China to arrive. Two weeks ago we reported that Saab were about to seek court protection from its creditors in a bid to buy time until investment from China arrives. And that’s exactly what’s happening. Saab are waiting for […]
Saab seeking court protection from creditors? It adds up
Reuters are reporting that Saab are to seek the protection of Swedish courts to allow it to get finance in place. Another day, another Saab story. But the reports that Saab are to seek the protection of the courts in Sweden from the actions of creditors does ring true. And it does add up. It […]
Saab increase pay for Board members as Swedish Debt Office circles
It’s reported that Saab has increased the pay of Board members as Sweden’s Debt Office begins proceedings against Saab. It never rains, but it pours. And for Saab and Victor Muller it has been a year or more of almost unbroken storms, punctuated with just the odd ray of financial sunshine as Victor Muller combs […]
The Saab Saga – now it’s a share sale to raise cash
Swedish Automobile – best known as Saab – has announced it is to sell shares to GEM Global Yield Fund Ltd in an effort to raise more cash. We’re not really sure we see how on earth the announcement from Saab that they are selling shares to raise funds is going to work. But we’ll report it […]